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Updated about 6 years ago,
I don't know what the best move is... Please help
Hey all!
I'm new here, and new to REI in general. I've been reading, saving, reading, saving. I won't bore you with details but I don't know what I should do.
Currently own my home. Have some savings ready to invest.
Been looking at a little house with a "mother in law cottage." also located on the property.. Deeded water access in a popular vacation rental area. Reasonably priced.
I have been kicking around the idea of what if I moved into the house, and rented the cottage. I don't necessarily want to sell my current house so I was considering renting that as well. I could likely cashflow a couple-300 monthly with this property.
I know many recommend househacking for the beginner investor. I thought this might be an opportunity for me to go from 0-2 rental properties in one acquisition.
I don't know if I'm on the right track or if I'm getting ahead of myself. I also don't know how to run the numbers if i'm living in the one house and renting the other.
I guess I don't really know where else to turn so I figured I'd come here to at least get some criticism.